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Higher utility bills 'may be forcing people to raid savings'
People might be having to raid their savings because of factors such as growing utility bills, it has been suggested, which might interest those considering personal loans.
In the quarter leading up to this month (July 2010), 38 per cent of consumers polled in a Birmingham Midshires survey reported that they had to dip into their savings.
An average sum of £1,870 was withdrawn by those raiding their savings, the firm's Saving Britain research has shown.
Some of the potential reasons behind these trends have been discussed by the organisation's head of savings products John Bianco.
He said: "Those who are raiding their savings are doing so for essential reasons such as emergency repairs and increased utility bills rather than spending on luxury items."
In the same period of 2009, people were taking more money out of their savings accounts, the expert went on to point out.
When it comes to personal finance, AXA recently suggested that a number of people are feeling stressed because of money concerns.